AT&T Sells Off Portion of America Movil Stake

AT&T has netted about $564 million in proceeds from selling 7.5% of the stake it has in America Movil, which operates in Mexico. AT&T sold the shares between May 7 and June 4, according to documents filed with the U.S. Securities and Exchange Commission. AT&T traditionally maintains a 9% stake in America Movil, and has two employees on the board. The company said it does not plan to sell its entire stake in America Movil. Earlier this year, AT&T said it would explore asset sales across its business units.